EUROPE - Denmark's AP Pension has invested in Rockspring Property Investment Managers' new UK real estate fund.

Peter Olsson, head of property at AP Pension, said the fund had been concentrating on the UK market.

The investment in the Rockspring UK Value fund followed a commitment to another UK fund at the end of 2009.

Olsson said: "The UK has been a focus area for us lately - I am positive about it."

AP Pension has been building up a global real estate exposure in recent years, including investments in Asia Pacific, but Olsson said transparent markets like the UK were currently very attractive.

"It is a very turbulent time, so everybody is watching carefully and taking time to try to grasp the economies in different countries," he said.

However, Olsson rejected the notion the UK was "a sure bet".

"It really depends on your manager and the specific strategy of the fund," he said.

The Rockspring Value fund will invest in commercial real estate, joint ventures and pooled and unitised property vehicles where there is scope for near-term capital appreciation and income growth.

It has no pre-determined geographical or sector allocation, allowing a flexible approach to acquisitions while maintaining an appropriate diversification of risk.

Olsson said the Rockspring fund had a "compelling business case".

He added: "It will be very interesting to watch how it is going to develop in the near future."